“As customers ourselves, we have frequently experienced the failures of the current payment system in Africa which brought about the inception of SeamPay,” said Abubakar Mohammed, the startup’s co-founder and chief technology officer (CTO).
Read more about Fintech
The startup has kicked off the development of its MVP and is finding it fit for its product-market amidst a busy local market.
“The Nigerian market had quite a number of successful launches in the area of fintech rising up to create a product or provide an alternative solution, ranging from digital banks to mobile payments solutions and so much more,” Mohammed said. “However, the major gap in the market is that most of the fintech were actually replicating already existing systems and trying to package it differently, and this allowed us to actually understand that payment systems are still unreliable, unsecured and often-times complicated. The market still needs a reliable, secure, fast, and instant payment system without all the drawbacks current systems are known for.”
Sign up to the Connect Nigeria daily newsletter
Seampay is confident it’s well on its way to being that system. Mohammed also stated that the mobile wallet platform aims to disrupt the payments space. The bootstrapped startup is on the lookout for funding and has already secured a waitlist of more than 4,000 users ahead of its official launch in December. Featured image source: Twitter/seampay
Got a suggestion? Contact us: editor at connectnigeria dot com
You might also like:
- Tips for Managing Your Business’s Financial Records
- Borrowing From Friends or Family? Read This First
- How to Avoid Scams and Fraud in Nigeria
- How Do Companies Make Money from Social Media?
